Heineken to take 40% stake in TBI<\/p>\n
AMSTERDAM: Dutch brewer Heineken said over the weekend it had
\nsigned a memorandum of understanding with the controlling
\nshareholders of Israeli-based Tempo Beer Industries (TBI) to
\nacquire 40 percent of the shares of a new beer and beverage
\ncompany in Israel.<\/p>\n
As part of the agreement, Heineken will transfer its current
\n17.8 percent stake in TBI and will make an additional cash
\npayment of US$14.5 million.<\/p>\n
TBI will transfer all its beer, soft drinks, fruit juices and
\nwater activities to the new company and will own the remaining 60
\npercent of the shares.<\/p>\n
The agreement also covers a license for the local production
\nand marketing of the Heineken brand by the new company.<\/p>\n
Heineken said the transaction, which is subject to regulatory
\napprovals, would be funded from available cash resources and
\nshould contribute to net profit from 2005.<\/p>\n
Board member Jean Francois van Boxmeer said local production
\nof Heineken would accelerate growth of a brand that has already
\ncaptured a nine percent share of the Israeli beer market since
\nits introduction in the early 1990s.<\/p>\n
Tempo is based in Netanya and has a 50 percent share in the
\nIsraeli beer market. Its leading beer brands are Goldstar and
\nMaccabi.-- AFP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/heineken-to-take-40-stake-in-tbi-1447893297",
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"sponsor": "Okusi Associates",
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